MULTIMODAL third-party logistics service provider (3PL) ch Robinson saw its third-quarter revenue fall by 27.8 per cent year on year to US$4.3 billion and its gross profit fall by 28.9 per cent year on year to $626.6 million, while its income from operations decreased by 60.5 per cent to $113.5 million.
The Minnesota, US-headquartered company said the decline in profit was attributed in large part to falls in gross profit in the company's truckload and ocean business, while these divisions also suffered revenue declines as prices fell, reports London's Air Cargo News
Third-quarter revenues, ending September 30, for the company's Global Forwarding segment fell by 52.4 per cent year on year to $719 million. The air component of this saw a fall in adjusted gross profit of 35.5 per cent, attributed to a 2 per cent decline in volumes shipped as well as lower profitability on every tonne shipped by air.
President and chief executive Dave Bozeman commented: 'As has been well documented by many industry participants and observers, global freight demand continued to be weak in the third quarter.
'We are staying focused on what we can control, by providing superior service to our customers and carriers, executing on our plans to streamline our processes by removing waste and manual touches, and delivering tools that enable our customer- and carrier-facing employees to allocate their time to relationship building and exception management.'
Over the first nine months of this year, CH Robinson's revenues fell by 31.9 per cent year on year to $13.4 billion, gross profits by 30.1 per cent to $2 billion and income from operations by 63.1 per cent to $407.2 million.
The air-related component of the business saw a 42.7 per cent year on year decline in adjusted gross profit over those nine months.
SeaNews Turkey
The Minnesota, US-headquartered company said the decline in profit was attributed in large part to falls in gross profit in the company's truckload and ocean business, while these divisions also suffered revenue declines as prices fell, reports London's Air Cargo News
Third-quarter revenues, ending September 30, for the company's Global Forwarding segment fell by 52.4 per cent year on year to $719 million. The air component of this saw a fall in adjusted gross profit of 35.5 per cent, attributed to a 2 per cent decline in volumes shipped as well as lower profitability on every tonne shipped by air.
President and chief executive Dave Bozeman commented: 'As has been well documented by many industry participants and observers, global freight demand continued to be weak in the third quarter.
'We are staying focused on what we can control, by providing superior service to our customers and carriers, executing on our plans to streamline our processes by removing waste and manual touches, and delivering tools that enable our customer- and carrier-facing employees to allocate their time to relationship building and exception management.'
Over the first nine months of this year, CH Robinson's revenues fell by 31.9 per cent year on year to $13.4 billion, gross profits by 30.1 per cent to $2 billion and income from operations by 63.1 per cent to $407.2 million.
The air-related component of the business saw a 42.7 per cent year on year decline in adjusted gross profit over those nine months.
SeaNews Turkey
